Quanta Services (NYSE:PWR) Sets New 52-Week High – Here’s What Happened

Quanta Services, Inc. (NYSE:PWR) hit a new 52-week high on Thursday . The stock traded as high as $483.29 and last traded at $462.01, with a volume of 211085 shares. The stock had previously closed at $473.24.

Analysts Set New Price Targets

A number of research analysts recently issued reports on PWR shares. Roth Mkm set a $500.00 price target on shares of Quanta Services and gave the stock a “buy” rating in a research note on Friday, October 31st. Stifel Nicolaus set a $495.00 price target on Quanta Services in a research note on Monday, November 3rd. The Goldman Sachs Group set a $495.00 price objective on Quanta Services in a report on Monday, November 24th. Citigroup boosted their target price on Quanta Services from $517.00 to $526.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Finally, JPMorgan Chase & Co. raised shares of Quanta Services from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $457.00 to $515.00 in a report on Monday, December 8th. Thirteen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $454.55.

Quanta Services Trading Down 0.5%

The stock has a market capitalization of $70.19 billion, a PE ratio of 69.73, a P/E/G ratio of 2.25 and a beta of 1.16. The company has a current ratio of 1.34, a quick ratio of 1.30 and a debt-to-equity ratio of 0.66. The company has a 50 day simple moving average of $442.17 and a 200 day simple moving average of $418.05.

Quanta Services (NYSE:PWR) last issued its quarterly earnings results on Thursday, October 30th. The construction company reported $3.33 earnings per share for the quarter, topping the consensus estimate of $3.24 by $0.09. The firm had revenue of $7.63 billion during the quarter, compared to the consensus estimate of $7.41 billion. Quanta Services had a return on equity of 18.74% and a net margin of 3.74%.The company’s revenue for the quarter was up 17.5% on a year-over-year basis. During the same period last year, the company earned $2.72 earnings per share. Quanta Services has set its FY 2025 guidance at 10.330-10.830 EPS. Analysts predict that Quanta Services, Inc. will post 9.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Worthing Jackman sold 6,349 shares of the business’s stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $450.45, for a total transaction of $2,859,907.05. Following the sale, the director owned 2,730 shares of the company’s stock, valued at $1,229,728.50. The trade was a 69.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Donald Wayne sold 14,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $443.81, for a total value of $6,213,340.00. Following the completion of the transaction, the executive vice president directly owned 34,575 shares of the company’s stock, valued at $15,344,730.75. The trade was a 28.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 32,002 shares of company stock worth $14,295,857 over the last quarter. 1.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Quanta Services

A number of large investors have recently added to or reduced their stakes in PWR. Norges Bank purchased a new position in Quanta Services during the second quarter worth about $675,802,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its holdings in shares of Quanta Services by 57.2% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,425,436 shares of the construction company’s stock valued at $917,009,000 after purchasing an additional 882,209 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Quanta Services by 35.6% during the 3rd quarter. Bank of America Corp DE now owns 2,916,540 shares of the construction company’s stock valued at $1,208,672,000 after buying an additional 765,822 shares during the period. Select Equity Group L.P. increased its holdings in shares of Quanta Services by 69.3% during the 2nd quarter. Select Equity Group L.P. now owns 1,017,123 shares of the construction company’s stock worth $384,554,000 after buying an additional 416,395 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Quanta Services by 2.2% in the third quarter. Vanguard Group Inc. now owns 18,143,619 shares of the construction company’s stock valued at $7,519,079,000 after acquiring an additional 386,937 shares during the last quarter. 90.49% of the stock is owned by institutional investors and hedge funds.

Quanta Services Company Profile

Quanta Services, Inc is a leading specialty contractor that provides comprehensive infrastructure solutions for the electric power, pipeline and energy, and communications markets. Headquartered in Houston, Texas, the company delivers engineering, procurement, construction, installation, maintenance and repair services that support the development, modernization and ongoing operation of critical energy and communications networks.

In the electric power sector, Quanta works on transmission and distribution systems, substation construction and grid modernization projects that include integration of renewable generation and energy storage.